I guess we won’t be seeing Apple and HTC hurling patent lawsuits to each other any time soon as each party agrees to settle all their patent disputes.

In addition to this settlement, both companies have agreed to a 10-year patent cross-licensing bargain. This means that HTC and Apple can shift their focus on innovation (which both companies badly need) rather than slugging it out in the courtroom.

The terms of the settlement remains under wraps, so there’s not much known about it. What we do know, however, is that both companies seem happy with this agreement which is evident on their joint press release.